jmoney6

So I may have made a pretty big mistake,
This is my first time leasing a care

I leased my car 3 days ago with 12K miles a year. Based on my previous car I averaged 15k ish miles a year, so I will most likely go over my miles.

Is there anything I can do or am I stuck?

Also at the end of the term, how much flex do I have if I lease another lexus, do they usually wave a few extra miles or do I get wahcked for every single mile over?

fuddyduddy

What's the penalty cost per mile?

jmoney6

$.25 per mile

dchar

On my 2013 F-sport, I was in the same situation. When I returned it, I was 6K miles over limit. They waived it when I leased another one. So you should be fine.
If you're really worried about it, Lexus offers you option of purchasing more miles at a lower rate. But, I wouldn't bother. About the last couple months of your lease, start looking for another one and make a deal. They will most likely take the last payments and waive the miles just to get you into another new Lexus.

Another option: If you're thinking of changing to something that isn't a Lexus, you can try to sell the car before the end of the lease to Carmax or the other dealer. If they give you more than you owe on residual, you can get out of it with some extra cash in your pocket. Unfortunately, the awesome lease deals cause high residuals which makes this option difficult.

This is my experience in SOCAL (dealers are super competitive) though, so I'm not sure what they do in Florida.

jkeifer3

$0.25 x 3,000 (ish) is $750/yr extra but, then, you know that. Unless the leasing outfit is feeling really benevolent, you're going to eat it. Maybe drive less?

Axxlrod

If you knew you drive 15k miles per year, why did you get a 12k lease?

DaSyce

iTrader: (3)

I got screwed on my last lease, even though I leased another Lexus, a month later I got a bill from LFS.

Joeb427

iTrader: (1)

I was thinking the exact same thing.

jmoney6

it came out less with the fee. they wanted $75.00 more a month because the residual was different. so at $62.5 average a month with paying the fee it made the difference.

tex2670

Yeah--there's no guaranty that the OP will "be fine". If there is a lot of competition among your local dealers, that works in OP's favor. Once OP is 2 years in, I'd start looking around, calling dealers, and seeing if there are deals out there where you can turn in your car early with no penalty, and get a new car. The key is to stay ahead of the issue, rather than just wait and see what happens.

The key issue will be--when you do this, will you still be putting 15k mi/yr on your car? You need to find a lease deal with that milage allowance.

tex2670

Again--you can't just turn the car in with extra wear and tear, and hope for the best. You need to get the dealer to affirmatively agree to pay the penalty, or get a waiver from LFS.

tex2670

So--you've already run the numbers, and are comfortable paying the penalty if need be. Just don't wait till it's too late to deal with it.

Fizzboy7

Don't think the dealer forgave your over-mileage just because you leased a new car. He's now got a higher mileage trade-in that is worth less and is going to pull in less money on the lot or at auction. He could have easily passed along that deficit to your new lease without you even knowing. That is usually done by not giving you as great of a deal as you could have gotten. Either way, you will usually end up paying somewhere, in some shape or form. The question is is it better to pay it upfront, month by month, or at the end.